Goal Group’s Vicky Dean explains that scrutiny on environmental, social and corporate governance is increasing, with companies urgently turning to technology to boost – and demonstrate – their sustainability credentials
The world is changing rapidly. Now more than ever, we are conscious of our surroundings and the challenges that our environment is facing. 2020 has not only brought a global pandemic but a heightened awareness of other global issues including sustainability and the role that we in our professional lives should play in protecting the future of the planet. Scrutiny on environmental, social and corporate governance (ESG) is also increasing, with companies urgently turning to technology to boost – and demonstrate – their sustainability credentials. At Goal Group, we can share first-hand experience of embracing a new way of working based on sustainable, cloud-based technologies and practices. As the global leader in withholding tax reclamation and securities class actions recoveries and an early pioneer in fintech, we pride ourselves on being able to deliver end-to-end claims recovery and reporting solutions that combine legal and procedural expertise with proprietary, market-proven software.
Since our inception, we have developed a suite of products that automate our services in both withholding tax reclaims and securities class actions. Initially developed internally and maintained in-house, we took the decision in 2014 to outsource our IT function to UK-based BJSS, a world-class business technology consultancy. While the original motivation was to improve business agility and have greater control over our applications and infrastructure, it quickly became evident that we had also become a far more efficient and streamlined organisation with a lower carbon footprint. Now, in 2020, our business strategy has evolved to using only sustainable, cloud-based applications and technologies, with the final phase due to complete by January 2021.
So, why are sustainability and sustainable technologies so important? Simply put, in the corporate world, they promote environmental, social and corporate awareness and responsibility coupled with longevity.
Traditionally, when looking for any sort of service provider the main considerations were price and service offering, but today’s buyer must pay equal attention to ESG. From the service provider’s perspective, it’s clear that sustainability needs to be a key element of any new product, expansion or redevelopment – and that embedding a sustainable ethos into the fabric of your operations is not only good for the environment but also good for business.
Heads in the cloud?
Green IT, which incorporates cloud computing, is a prime example of how the financial industry can demonstrate awareness and commitment to ESG and stakeholders alike. Fortunately, cloud computing has evolved immensely since its beginnings in the 1990s and has addressed the historical issues around reliability, security and flexibility. Interestingly, we began discussions with clients in 2014 to assess interest in web-based applications, which we knew would provide a platform for us to deliver more modern and innovative services. It became apparent that the industry was still wary of anything that wasn’t based on a physical server due to security concerns and privacy laws.
Attitudes have changed dramatically over a short period of time. Now, web-based applications are mainstream, trusted and gaining recognition as the ideal business platform for today’s sustainability-conscious business world. Providers are heavily regulated and their solutions are highly secure, cost-effective and convenient for all aspects of business. As an ISO 27001-accredited company that receives and processes a high volume of sensitive data, security is of utmost importance to us – and we find that web-based solutions are even preferable, not least because they have already been vetted and approved by large financial institutions.
As part of our digital journey, we have now adopted cloud-based applications to manage every aspect of our day to day operations, and we can testify to a multitude of commercial and sustainability gains.
Good for the planet, good for business
Commercially, the move has enabled us to increase efficiency and productivity; reduce the strain on internal resources; drive down costs; respond better to client needs; enhance security; and create a springboard for modernising and innovating existing systems and working practices.
These benefits have been delivered by optimising all areas of operations, including:
Synchronisation: permission-based sharing of files, documentation and data
Innovation: redeveloping applications that we use to automate our core services
Scalability: standardised, inclusive costs, easily scaled to client needs
Business resilience and reliability: seamless remote working, cloud back up and storage
The COVID-19 pandemic put all companies’ business continuity procedures to the test, especially in financial services where working from home was often not typical. In March 2020, when most of the world entered lockdown, we were forced to react and adapt quickly in order to maintain productivity and service levels. With cloud computing already deployed, and robust business continuity procedures in place, we were able to minimise disruption and provide a seamless transition to working from home.
From the sustainability point of view, even pre-pandemic we were decommissioning servers, facilitating remote working, minimising staff commutes and reducing our need for fixed office space – all contributing to reducing carbon emissions.
COVID-19 – a catalyst for change?
The pandemic has changed so much in the business world and in some ways, it has accelerated the take-up of sustainable technologies and business practices. Cloud-based technologies that support remote working and a distributed workforce naturally rose sharply up the corporate agenda. Face to face meetings, server-based applications, large internal IT departments to maintain infrastructure and software — much of our traditional physical environment and culture immediately seemed out of kilter with the new demands of our day-to-day working life. Companies including us here at Goal realised that offices could be downsized, video calls could indeed replace meetings — and the result is a smarter, lower cost, greener way of operating.
It is hardly surprising that 95 percent of organisations are now looking to incorporate cloud-based, sustainable technologies into their business processes. They are no longer an innovative and modern way of working – they are vital to business continuity and the very survival of many firms.
Collaborate or compete?
An important lesson from the world’s response to the pandemic is that working together is critical for the greater good. Businesses must take heed of this; strategic partnerships and collaborations between two or more companies with complementary strengths and values are a highly effective way to pool resources and expertise, strengthen commercial offerings and promote sustainability.
Leveraging this approach has certainly allowed us to reduce our carbon footprint as well as enhance the range and quality of services we provide to our client base.
Industry-wide there are many examples of competitors, who previously were unlikely partners, learning how to work together effectively to better meet the needs of their evolving market. It is essential that companies remain connected to the communities they serve and seek collaborative, sustainable solutions where ever possible.
In summary
With the future of our environment on the line, companies must set positive trends for others to follow and incorporate ESG into their business models to expand, develop and operate in more responsible ways. Web-based technologies are market-proven, ideally suited to the financial services sector and meet modern client expectations from both a commercial and sustainability point of view.
At Goal, we have witnessed the truly transformative power of cloud technology that has freed us from the constraints of a legacy infrastructure, fixed offices and high costs. Shifting to a smarter, more agile, scalable and sustainable model has not only allowed us to adapt seamlessly during the pandemic but has boosted our competitiveness and opened up the throttle to an exciting new phase of growth.
With record-high revenues, we are set to enter 2021 as a leading fintech at the forefront of our industry, eager to embrace further change as technology, best practices, expectations and understanding of sustainability all continue to evolve in the digital age.
